IRIS Accounts Production v23.3.1.45 10205968 director 1.6.22 31.5.23 31.5.23 false true false false true false Ordinary Shares 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh102059682022-05-31102059682023-05-31102059682022-06-012023-05-31102059682021-05-31102059682021-06-012022-05-31102059682022-05-3110205968ns10:Originalns15:EnglandWales2022-06-012023-05-3110205968ns14:PoundSterlingns10:Original2022-06-012023-05-3110205968ns10:Originalns10:Director12022-06-012023-05-3110205968ns10:Original2022-06-012023-05-3110205968ns10:Original2023-05-3110205968ns10:Originalns10:PrivateLimitedCompanyLtd2022-06-012023-05-3110205968ns10:Originalns10:SmallEntities2022-06-012023-05-3110205968ns10:Originalns10:AuditExempt-NoAccountantsReport2022-06-012023-05-3110205968ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-06-012023-05-3110205968ns10:SmallCompaniesRegimeForAccountsns10:Original2022-06-012023-05-3110205968ns10:Originalns10:FullAccounts2022-06-012023-05-3110205968ns10:Originalns10:OrdinaryShareClass12022-06-012023-05-3110205968ns10:Originalns10:RegisteredOffice2022-06-012023-05-3110205968ns10:Original2022-05-3110205968ns10:Originalns5:CurrentFinancialInstruments2023-05-3110205968ns10:Originalns5:CurrentFinancialInstruments2022-05-3110205968ns5:ShareCapitalns10:Original2023-05-3110205968ns5:ShareCapitalns10:Original2022-05-3110205968ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-05-3110205968ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3110205968ns10:Originalns5:MotorVehicles2022-06-012023-05-3110205968ns10:Originalns5:ComputerEquipment2022-06-012023-05-3110205968ns10:Original2021-06-012022-05-3110205968ns10:Originalns5:FurnitureFittings2022-05-3110205968ns10:Originalns5:MotorVehicles2022-05-3110205968ns10:Originalns5:ComputerEquipment2022-05-3110205968ns10:Original2022-05-3110205968ns10:Originalns5:FurnitureFittings2022-06-012023-05-3110205968ns10:Originalns5:FurnitureFittings2023-05-3110205968ns10:Originalns5:MotorVehicles2023-05-3110205968ns10:Originalns5:ComputerEquipment2023-05-3110205968ns10:Originalns5:FurnitureFittings2022-05-3110205968ns10:Originalns5:MotorVehicles2022-05-3110205968ns10:Originalns5:ComputerEquipment2022-05-3110205968ns10:Originalns5:Non-currentFinancialInstruments2023-05-3110205968ns10:Originalns5:Non-currentFinancialInstruments2022-05-3110205968ns10:Originalns10:OrdinaryShareClass12023-05-3110205968ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-05-3110205968ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-012023-05-31
REGISTERED NUMBER: 10205968 (England and Wales)










Unaudited Financial Statements

for the Year Ended 31 May 2023

for

HY VENTURES LIMITED

HY VENTURES LIMITED (Registered number: 10205968)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HY VENTURES LIMITED

Company Information
for the Year Ended 31 May 2023







DIRECTOR: Sir Hossein Yassaie





REGISTERED OFFICE: St Mary’s Court
The Broadway
Old Amersham
Buckinghamshire
HP7 0UT





REGISTERED NUMBER: 10205968 (England and Wales)





ACCOUNTANTS: Cansdales Business Advisers Limited
St Marys Court
The Broadway
Old Amersham
Buckinghamshire
HP7 0UT

HY VENTURES LIMITED (Registered number: 10205968)

Balance Sheet
31 May 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 22,861 30,480

CURRENT ASSETS
Debtors 5 70,130 464,700
Investments 6 1,411,534 1,781,336
Cash at bank 25,476 36,891
1,507,140 2,282,927
CREDITORS
Amounts falling due within one year 7 (2,282,458 ) (2,169,636 )
NET CURRENT (LIABILITIES)/ASSETS (775,318 ) 113,291
TOTAL ASSETS LESS CURRENT
LIABILITIES

(752,457

)

143,771

PROVISIONS FOR LIABILITIES (4,343 ) (5,791 )
NET (LIABILITIES)/ASSETS (756,800 ) 137,980

CAPITAL AND RESERVES
Called up share capital 8 100 100
Retained earnings 9 (756,900 ) 137,880
SHAREHOLDERS' FUNDS (756,800 ) 137,980

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

HY VENTURES LIMITED (Registered number: 10205968)

Balance Sheet - continued
31 May 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 February 2024 and were signed by:





Sir Hossein Yassaie - Director


HY VENTURES LIMITED (Registered number: 10205968)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

HY VENTURES LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

TURNOVER
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes .

Services delivered are recognised as sales upon delivery of the service.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


HY VENTURES LIMITED (Registered number: 10205968)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

CASH AND CASH EQUIVALENTS
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BASIC FINANCIAL ASSETS
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans are recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

LEASES
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

HY VENTURES LIMITED (Registered number: 10205968)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

4. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2022
and 31 May 2023 1,507 119,180 3,984 124,671
DEPRECIATION
At 1 June 2022 590 90,898 2,703 94,191
Charge for year 229 7,070 320 7,619
At 31 May 2023 819 97,968 3,023 101,810
NET BOOK VALUE
At 31 May 2023 688 21,212 961 22,861
At 31 May 2022 917 28,282 1,281 30,480

5. DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Amounts recoverable on contract 70,130 464,700

6. CURRENT ASSET INVESTMENTS
2023 2022
£    £   
Unlisted investments 1,411,534 1,781,336

Investments are held at Cost.

Particular Amount
£   
Investment b/f balance 1,781,336
Addition during the year 90,198
Investment Written off (460,000 )
Closing balance 1,411,534
The company owned 33.7% of the ordinary shares in Unique Dining Ltd (registration number 09131561) which is under liquidation and as a result £460,000 investment together with £473,200 irrecoverable loan stated in note 5 have been written off. .

HY VENTURES LIMITED (Registered number: 10205968)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 11,099 10,869
Other creditors 2,271,359 2,158,767
2,282,458 2,169,636

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary Shares 1 100 100

9. RESERVES
Retained
earnings
£   

At 1 June 2022 137,880
Deficit for the year (894,780 )
At 31 May 2023 (756,900 )